By PAT NEWMAN
Staff Writer

Late tax notices have forced the Fayette County Board of Education to borrow $4 million to meet the November payroll and other expenses. Monday night, the board agreed to borrow $4 million at 5.55 percent interest and pay it back by Dec. 31.

“Due to reassessments and appeals, tax notes went out later,” Jim Stephens, school district finance director said. “It's just a timing thing.”

“We are in budget everywhere else at this time,” he noted.

Based on a $114 million budget, Stephens said the district spends $9.5 million a month. “$8.8 million is drawn down from the general fund balance and we get $5.5 million from the state. “We need a draw of about $4 million to meet bills and payroll in November.” Stephens said.

Tax bills are due in December and according to Stephens, “There will be a heavy volume of tax revenues coming in.”

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